GRINDWELL

Grindwell Norton Limited

Abrasives and ceramics for industrial and automotive applications under Saint-Gobain group

Industrials›Capital Goods›Industrial Products›Abrasives & Bearings

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Key metrics

Price as of 2026-10-16

Stock price
₹1879.90
Market cap
20,820 Cr
Stock P/E
47.7
P/B
8.21
Dividend yield
0.9%
ROE (FY26)
16.3%
ROCE (FY26)
21.6%
Operating margin (FY26)
15.2%
Debt / equity (FY26)
0.02
OCF / EBITDA (FY26)
94.5%
OCF / EBITDA (3Y)
85.2%

Full years shown; sign in free for the trailing twelve months. Learn about these metrics →

Price & valuation

Share price and valuation multiples (P/E, P/B and more) over time.

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Compare with peers

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What you need to know

Grindwell Norton makes abrasives and ceramics and plastics products, sold in India and to export markets, and also runs a Digital Services segment.

Company snapshot

3rdBy market cap

Ranked among 6 companies in Abrasives & Bearings.

Segment mix

Reportable segments as of 2024-12-31 (Consolidated). Revenue share = segment revenue ÷ total revenue.

Largest segment: 49.6% of revenue

SegmentRevenue shareRevenuePBTAssets
Abrasives
49.6%
1,043 Cr133 Cr—
Ceramics & Plastics
42.6%
896 Cr150 Cr—
Digital Services
6.5%
136 Cr38 Cr—
Others
1.9%
40 Cr7 Cr—

What we see

Positives
  • ✓85% of operating profit came in as cash over the last three years — profits are backed by real cash.
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Statement tables · Consolidated

Switches quarterly, P&L, balance sheet, and cash flow. Key metrics and ratios stay on consolidated when available.

Amounts in ₹ Cr · tap + to expand rows

Quarterly results

Quarterly · ₹ Cr · tap + rows to expand

MetricSept 2023Dec 2023Mar 2024Jun 2024Sept 2024Dec 2024Mar 2025Jun 2025Sept 2025Dec 2025Mar 2026Jun 2026
Sales667 Cr660 Cr691 Cr706 Cr694 Cr703 Cr710 Cr703 Cr775 Cr753 Cr842 Cr803 Cr
Operating expenses (approx.)536 Cr532 Cr566 Cr572 Cr565 Cr579 Cr582 Cr574 Cr634 Cr614 Cr678 Cr646 Cr
EBITDA131 Cr128 Cr125 Cr133 Cr129 Cr123 Cr127 Cr130 Cr141 Cr139 Cr164 Cr157 Cr
OPM %19.7%19.4%18.1%18.9%18.6%17.6%17.9%18.5%18.2%18.5%19.5%19.5%
Other income23 Cr14 Cr17 Cr16 Cr23 Cr18 Cr23 Cr24 Cr31 Cr19 Cr21 Cr25 Cr
Interest2 Cr2 Cr2 Cr2 Cr2 Cr2 Cr2 Cr2 Cr2 Cr2 Cr2 Cr1 Cr
Depreciation17 Cr18 Cr20 Cr21 Cr23 Cr23 Cr25 Cr26 Cr26 Cr27 Cr26 Cr27 Cr
Profit before tax135 Cr122 Cr120 Cr125 Cr128 Cr116 Cr123 Cr126 Cr143 Cr128 Cr158 Cr154 Cr
Tax %24.4%24.8%22.9%25.5%23.9%24.3%24.5%25.0%25.0%25.6%24.4%25.2%
Net profit102 Cr92 Cr93 Cr93 Cr97 Cr88 Cr93 Cr94 Cr107 Cr96 Cr119 Cr115 Cr
EPS (₹)₹9.20₹8.32₹8.36₹8.42₹8.69₹7.84₹8.36₹8.53₹9.65₹8.60₹10.73₹10.43

Profit & loss (annual)

Annual · last column is TTM · ₹ Cr · tap + to expand

MetricMar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026TTM
Sales1,364 Cr1,454 Cr1,598 Cr1,580 Cr1,638 Cr2,013 Cr2,541 Cr2,687 Cr2,812 Cr3,073 CrSign in free for the trailing twelve months
Operating expenses (approx.)1,171 Cr1,207 Cr1,326 Cr1,315 Cr1,314 Cr1,611 Cr2,042 Cr2,167 Cr2,298 Cr2,500 CrSign in free for the trailing twelve months
EBITDA193 Cr247 Cr272 Cr265 Cr324 Cr401 Cr500 Cr519 Cr513 Cr574 CrSign in free for the trailing twelve months
OPM %14.2%17.0%17.0%16.7%19.8%19.9%19.7%19.3%18.3%18.7%Sign in free for the trailing twelve months
Other income31 Cr27 Cr35 Cr40 Cr51 Cr53 Cr56 Cr68 Cr80 Cr95 CrSign in free for the trailing twelve months
Interest2 Cr2 Cr2 Cr4 Cr3 Cr4 Cr8 Cr8 Cr9 Cr8 CrSign in free for the trailing twelve months
Depreciation42 Cr45 Cr45 Cr58 Cr54 Cr53 Cr60 Cr71 Cr93 Cr105 CrSign in free for the trailing twelve months
Profit before tax180 Cr227 Cr260 Cr243 Cr317 Cr396 Cr486 Cr508 Cr492 Cr555 CrSign in free for the trailing twelve months
Tax %32.7%33.7%35.2%24.2%25.1%25.5%25.6%24.5%24.5%25.0%Sign in free for the trailing twelve months
Net profit121 Cr151 Cr169 Cr184 Cr238 Cr295 Cr362 Cr384 Cr371 Cr417 CrSign in free for the trailing twelve months
EPS (₹)₹10.78₹13.52₹15.11₹16.48₹21.60₹26.70₹32.69₹34.65₹33.30₹37.54Sign in free for the trailing twelve months
Dividend payout %————34.9%35.6%36.8%41.8%50.7%45.2%Sign in free for the trailing twelve months
Sign in free for the trailing twelve months

The latest four quarters added up, next to each full year

Balance sheet

Annual · ₹ Cr · tap + rows to expand

MetricMar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Equity capital55 Cr55 Cr55 Cr55 Cr55 Cr55 Cr55 Cr55 Cr55 Cr55 Cr
Reserves838 Cr935 Cr1,043 Cr1,130 Cr1,309 Cr1,513 Cr1,750 Cr2,000 Cr2,200 Cr2,479 Cr
Borrowings8 Cr0.04 Cr———7 Cr18 Cr18 Cr7 Cr61 Cr
Other liabilities303 Cr341 Cr338 Cr394 Cr488 Cr526 Cr577 Cr685 Cr780 Cr827 Cr
Total liabilities1,215 Cr1,344 Cr1,449 Cr1,595 Cr1,865 Cr2,113 Cr2,412 Cr2,770 Cr3,057 Cr3,438 Cr
Fixed assets (net)366 Cr341 Cr344 Cr361 Cr361 Cr363 Cr440 Cr582 Cr792 Cr795 Cr
CWIP6 Cr25 Cr43 Cr29 Cr24 Cr66 Cr124 Cr127 Cr25 Cr51 Cr
Investments145 Cr171 Cr183 Cr605 Cr713 Cr531 Cr693 Cr769 Cr892 Cr999 Cr
Loans & advances——2 Cr3 Cr0.50 Cr0.67 Cr1 Cr2 Cr2 Cr30 Cr
Inventories246 Cr272 Cr329 Cr303 Cr323 Cr448 Cr464 Cr488 Cr490 Cr481 Cr
Trade receivables127 Cr177 Cr206 Cr205 Cr202 Cr237 Cr280 Cr357 Cr362 Cr397 Cr
Cash & bank241 Cr271 Cr232 Cr13 Cr19 Cr38 Cr40 Cr49 Cr71 Cr79 Cr
Other assets84 Cr88 Cr111 Cr76 Cr222 Cr430 Cr370 Cr395 Cr422 Cr606 Cr
Total assets1,215 Cr1,344 Cr1,449 Cr1,595 Cr1,865 Cr2,113 Cr2,412 Cr2,770 Cr3,057 Cr3,438 Cr

Cash flows

Annual · ₹ Cr · tap + rows to expand · last column includes FCF

MetricMar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Cash from operating activity170 Cr134 Cr85 Cr318 Cr331 Cr186 Cr356 Cr368 Cr458 Cr542 Cr
Cash from investing-44 Cr-46 Cr-54 Cr-442 Cr-230 Cr-54 Cr-223 Cr-182 Cr-213 Cr-315 Cr
Cash from financing3 Cr-60 Cr-68 Cr-95 Cr-95 Cr-114 Cr-132 Cr-177 Cr-224 Cr-215 Cr
Net cash flow129 Cr28 Cr-37 Cr-220 Cr7 Cr18 Cr1 Cr9 Cr22 Cr12 Cr
Free cash flow (OCF − Capex)117 Cr95 Cr17 Cr267 Cr283 Cr60 Cr192 Cr196 Cr364 Cr423 Cr

Ratios

MetricMar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
ROCE %19.9%22.8%23.6%20.6%23.3%25.2%26.9%24.8%22.0%21.6%
ROE %13.2%15.0%15.2%15.2%17.4%18.7%19.9%18.6%16.2%16.3%
Debtor days34444747454340494747
Inventory days198194190187225232183201197173
Days payable133139105139217170118150171185
Cash conversion cycle989913295521051051007335
OCF / EBITDA %87.9%54.2%31.1%120.1%102.2%46.2%71.2%70.8%89.4%94.5%
OCF / EBITDA % (3 years)——54.5%68.4%85.2%84.3%71.2%64.0%77.2%85.2%
Debt / equity0.00870.0000———0.00450.00970.00880.00320.02
Current ratio2.582.652.982.892.862.862.672.762.852.81
Net debt / EBITDA-1.21—-0.85-0.05-0.06-0.08-0.04-0.06-0.12-0.03